“A successful investor has to have a reasonable amount of intelligence and they don’t need to be rocket scientists.”
– Roger Montgomery
Roger (@rjmontgomery & facebook ) highly respected fund manager and founder and Chief Investment Officer at Montgomery Investment Management, also sort after investment commentator who you probably seen as a regular on the ABC’s The Business, Money News with Ross Greenwood plus many more.
Roger is also author of Value.Able Just buy it and follow the strategy outlined by Roger and the book will pay itself multiple times.
What others are saying about Roger.
‘ONE OF THE NATIONS SMARTEST AND MOST SUCCESSFUL VALUE INVESTORS.’
– ALAN KOHLAR
‘ONE OF AUSTRALIA’S BEST-REGARDED STOCK MARKET INVESTORS.’
– ROSS GREENWOOD
This is a wide-ranging conversation with lots of wisdom and takeaways. I hope you enjoy listening to it as much as I enjoyed recording it!
ownload as an MP3 by clicking Roger Montgomery
Selected Links from the Episode
The Warren Buffett Way by Robert Hagstrom
The memo by Howard Marks about first and second level thinking
Download the Journal Article Dividend Policies and Common Stock Prices James Walter
Not recommended in Podcast but worth sharing for those interested. Principles of Econometrics 4th Edition by
02.35 The Motivation for studying economics and econometrics at Melbourne University
06.50 How Warren Buffett influenced Roger’s investment process
09.30 Futures trading
11.20 First analyst role
13.45 Taking large bets
16.00 The search process plus key variables
20.50 The Market is impatient
21.10 Emotional framework
22.30 What Rogers’s internal dialogue is when the portfolio drops 50% in value.
24.15 Roger’s first investment loss
25.25 How U.S venture capitalists view failure differently to Aussie venture capitalists.
26.15 Price Vs Value
28.20 First & Second Level thinking & Howard Marks
31.00 The greats of investing
33.10 Portfolio construction
36.10 Short selling pitfalls
37.35 Thoughts on Management
42.00 Industry analysis, market share and profitability sustainability
43.20 Micro not macro
45.50 Circle of competence
50.55 False belief
52.20 What the first 60 minutes of Roger’s day looks like
53.30 Advice for listeners.